Builders risks insurance whilst laid up?

Rosie1963

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Would anybody know of laid-up builders risks insurance whilst completing a refurbishment?
l want to investigate whether this is cheaper than “full fat” afloat insurance as my premium has shot up (without me even using the boat during COVID)
 

Tranona

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I investigated this twice when I did the same and no cheaper than in commission insurance, but relatively low value (£13000). actually using a boat in the typical UK weekend/holiday manner has very little effect on claims. Most claims come from theft and damage from weather. Well worth shopping around as although premiums have gone up overall it is still a competitive market. After a big rise 3 years ago i have been able to keep my premium much the same.
 

Keith 66

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I recently tried to get builders risks insurance for a vintage Saunders motor launch i am rebuilding. GJW told me that they have dropped builders risks policies due to heavy losses incurred by underwriters following hurricanes etc & that such policies are now history.
They recomended Two specialist insurers who may be able to help, One of these advertises in the thames vintage boat club. But neither could even be bothered to reply to detailed emails.
And so its basic boat liability to cover third party requirements of where the boat is!
 

Keith 66

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Further update, a Friend has just gotten builders risks on a motor yacht project he is starting. It is based on the purchase price & must be done under survey with regular inspections to allow increases in value, this will add hugely to the cost.
He said that the reason builders risks is so hard to get today is that too many boats that were well insured conveniently caught fire!
 

Keith 66

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I dug her out of the mud of Benfleet creek back in 86, started rebuilding her in 1990 then the project stalled, (building a house, kid etc) Recently retired & now cracking on again! I wrote an article for the CMBA magazine about 20 years ago about the rebuild.
Unfortunately we have no history on her at all prior to the late 30's. 30 years of searching have turned up zilch!
 

Arcady

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Hi - I’m currently having a boat built in the Netherlands. This firm has provided me with building risk insurance throughout the project. Kuiper Verzekeringen
The site has an English translation button and all of my correspondence has been in English. As Tranona says, it’s no cheaper than in commission cover, but it does - for example - cover transport of the boat between yards. I have no idea if they would cover boats outside of the Netherlands, but it might be worth asking.
 
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